TFSA information, which has been unavailable in Canada Revenue Agency (CRA) portals, is now available for most taxpayers, the agency says.
“We have resolved most issues that made Tax-Free Savings Account (TFSA) information, including contribution limits, unavailable in My Account,” said Charles Drouin, CRA spokesperson, in an email on Friday. “As a result, most individuals can now view their TFSA information in My Account. In fact, information is available for about 90% of TFSA holders.”
For the other 10%, “the information remains temporarily unavailable” while the CRA works to ensure that their TFSA contribution room is updated, Drouin wrote. “This precaution is in place to help prevent errors, and efforts continue toward a prompt resolution.”
The CRA’s self-service My Account portal is updated each Jan. 1 to reflect the new annual TFSA dollar limit, and is updated again with adjustments to TFSA contribution room once the CRA has processed financial institutions’ annual TFSA information slips, which are due the last day of February.
However, there were delays this tax-filing season in receiving and processing tax information slips — including TFSA annual information slips — because of the CRA’s new data validation process. For TFSA account holders, that meant they couldn’t consult My Account as a check on their contribution room for 2025.
TFSA contribution room is the total of the TFSA dollar limit of the current year ($7,000 in 2025), any unused TFSA contribution room from previous years and any TFSA withdrawals made in the previous year. Calculating contribution room could be challenging for taxpayers who tend to make sporadic TFSA contributions or withdrawals and don’t maintain good records.
If a taxpayer doesn’t correctly calculate their TFSA contribution room, they could mistakenly overcontribute and incur a tax penalty of 1% per month on the excess amount. Further, many months could pass before a taxpayer becomes aware of an overcontribution, increasing the dollar amount of the penalty. The CRA typically sends a letter or notice of assessment to the taxpayer the year after the excess amount arises, assuming the agency receives all TFSA records from the financial institution.
Regarding this year’s delay in providing updated TFSA information in My Account, Drouin wrote, “We regret any inconvenience this situation may have caused and appreciate the patience and understanding of Canadians as we continue working to fully restore this service.”
Taxpayers are ultimately responsible for their own TFSA records, and financial advisors say they shouldn’t rely on information in My Account, because that information may not be up-to-date, and certainly isn’t up-to-date early in the year before TFSA information slips from institutions have been received and processed by the CRA.
“We encourage Canadians to always cross-check their TFSA transactions with their financial institution’s records and also compare them to their CRA account records to ensure their contributions are within the allowed limits,” Drouin wrote.
The CRA has a worksheet to help calculate TFSA contribution room.
The total contribution room this year available for someone who has never contributed to a TFSA and has been eligible to do so since its introduction in 2009 is $102,000.